MIRA INFORM REPORT

Report Date :

26.10.2012

IDENTIFICATION DETAILS

Name :	NUTRI-AD INTERNATIONAL NV
Registered Office :	Hoogveld 93 Dendermonde, Post Code 9200
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	13.12.1994
Com. Reg. No.:	454140538
Legal Form :	Public Limited Liability Company
Line of Business :	Other retail sale not in stores, stalls or markets
No. of Employees :	21 employees

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Business number	454140538	Company name	NUTRI-AD INTERNATIONAL NV
		Telephone number	014551990
Address	HOOGVELD 93 DENDERMONDE	Fax number	014551915
Post code	9200	Number of staff	21
Date of establishment	13/12/1994

Ultimate holding company

Company name	Company Number
Inve Europe NV	436710430

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	47,958,709	2,609,169	1,932,257
31/12/2009	40,596,699	931,665	-372,456
31/12/2008	35,086,163	-2,392,797	-1,333,865

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	24,140,634	37,345	75,000	5,785,297	21
31/12/2009	19,885,559	54,013	75,000	2,838,231	21
31/12/2008	12,538,972	36,416	75,000	431,755	15

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	76.63
Industry average payment expectation days	93.88	Industry average day sales outstanding	111.80
Day sales outstanding	81.35

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	454140538	Company name	NUTRI-AD INTERNATIONAL NV
Fax number	014551915	Date founded	13/12/1994
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	47990	liable for VAT	yes
Activity description	Other retail sale not in stores, stalls or markets	VAT Number	BE.0454.140.538
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees

Significant Events

Event Date	01/08/2012
Event Description	authority appointed
Event Details	Commentaar 01-08-2012: Volmacht wordt verleend aan Filip De Groote om de vennootschap te vertegenwoordigen en te verbinden ten aanzien van alle administratieve overheden.

Export Accounts to CSV File

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	47,958,709	18.13	40,596,699	15.71	35,086,163	3,693,270	1198
Total operating expenses	45,128,738	15.42	39,098,770	6.62	36,671,644	3,560,342	1167
Operating result	2,829,971	88.93	1,497,929	94.48	-1,585,481	42,430	6569
Total financial income	992,449	3.28	960,971	19.95	801,166	33,935	2824
Total financial expenses	1,213,251	-20.56	1,527,235	-5.05	1,608,482	40,704	2880
Results on ordinary operations before taxation	2,609,169	180	931,665	38.94	-2,392,797	30,163	8550
Taxation	261,083	721922	36	-99	241,762	20,972	1144
Results on ordinary operations after taxation	2,348,086	152	931,628	35.36	-2,634,559	18,449	12627
Extraordinary items	-48,478	-231	36,804	28.74	-128,051	4,446	-1190
Other appropriations	0.00	-	0.00	-	0	0	-
Net result	2,299,608	137	968,432	35.05	-2,762,610	21,891	10404
OTHER INFORMATION
Dividends	-	-	-	-	-	71,346	-
Director remuneration	-	-	-	-	-	48,228	-
Employee costs	2,083,760	25.94	1,654,521	92.60	859,042	334,006	523
Wages and salary	1,556,508	29.79	1,199,282	101	594,877	248,008	527
Employee pension costs	-	-	-	-	-	3,598	-
Social security contributions	407,393	33.98	304,068	69.30	179,600	83,546	387
Other employee costs	119,858	-20.71	151,171	78.76	84,565	12,051	894
Amortization and depreciation	95,463	-0.87	96,303	-36.56	151,800	46,887	103

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	12,647	-	17,752	-	10,729	11,627	8.78
Tangible fixed assets	808,851	-6.77	867,585	-9.15	954,932	204,597	295
Land & building	-	-	1,814	-11.30	2,045	285,254	-
Plant & machinery	27,946	-9.02	30,718	-43.09	53,973	32,985	-15.28
Other tangible assets	780,905	-6.48	835,053	-7.10	898,914	48,308	1516
Financial fixed assets	37,345	-30.86	54,013	48.32	36,416	119,867	-68.84
Total fixed assets	858,843	-8.57	939,350	-6.26	1,002,077	268,467	219
Inventories	3,033,703	29.49	2,342,872	-10.54	2,618,769	175,161	1631
Raw materials & consumables	2,041,164	88.84	1,080,911	-9.31	1,191,811	1,291,121	58.09
Work in progress	0	-	0	-	0	1,863	-100
Finished goods	992,539	-21.35	1,261,961	-11.56	1,426,958	22,828	4247
Other stocks	0	-	0	-	0	64,451	-100
Trade debtors	10,688,406	-9.41	11,798,874	45.39	8,115,592	193,815	5414
Cash	5,785,297	103	2,838,231	557	431,755	101,286	5611
other amounts receivable	3,628,081	87.26	1,937,484	444	356,123	107,857	3263
Miscellaneous current assets	146,302	408	28,748	96.15	14,656	54,280	169
Total current assets	23,281,790	22.88	18,946,209	64.22	11,536,895	549,633	4135
CURRENT LIABILITIES
Trade creditors	9,474,901	0.18	9,457,620	25.55	7,533,206	170,473	5458
Short term group loans	-	-	-	-	-	0	-
Other short term loans	4,931,136	129	2,151,246	3277	63,690	66,482	7317
Miscellaneous current liabilities	2,155,359	-26.66	2,938,811	496	492,272	954	- -
Total current liabilities	16,561,396	13.84	14,547,677	79.84	8,089,168	424,265	3803
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	620,016	-8.59	678,269	-10.59	758,623	59.03	- -
Other long term liabilities	5,014,317	0	5,014,317	0.00	5,014,317	26,726	18661
Total long term debts	5,634,333	-1.02	5,692,586	-1.39	5,772,940	226,524	2387
SHAREHOLDERS EQUITY
Issued share capital	75,000	0	75,000	0	75,000	212,787	-64.75
Share premium account	-	-	-	-	-	53,129	-
Reserves	1,869,904	435	-429,704	30.73	-1,398,136	-80,761	2315
Revaluation reserve	-	-	-	-	-	158,170	-
Total shareholders equity	1,944,904	548	-354,704	26.81	-1,323,136	135,623	1334
Working capital	6,720,394	52.79	4,398,532	27.58	3,447,727	125,368	5260
Net worth	1,932,257	518	-372,456	27.92	-1,333,865	123,735	1461

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	5.44	137	2.29	33.58	-6.82	-1.513,00	0.36
Return on capital employed	34.43	97.31	17.45	32.45	-53.77	15,00	129
Return on total assets employed	10.81	130	4.69	24.58	-19.08	-22,00	49.14
Return on net assets employed	134.15	51.07	-262.66	-245	180.84	13,00	931
Sales / net working capital	7.14	-22.64	9.23	-9.33	10.18	70,00	-99
Stock turnover ratio	6.33	9.71	5.77	-22.65	7.46	692,00	-99
Debtor days	81.35	-23.31	106.08	25.64	84.43	86,00	-5.41
Creditor days	76.63	-13.21	88.29	17.75	74.98	765,00	-89.98
SHORT TERM STABILITY
Current ratio	1.41	8.46	1.30	-9.09	1.43	5,00	-53.00
Liquidity ratio / acid ratio	1.22	7.02	1.14	3.64	1.10	4,00	-69.50
Current debt ratio	8.52	20.78	-41.01	-571	-6.11	3,00	184
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	285.42	35.78	-797.71	-1183	-62.15	233,00	22.50
Equity in percentage	8.06	450	-1.79	16.95	-10.56	-384,00	2.10
Total debt ratio	11.41	20.00	-57.06	-444	-10.48	4,00	185

Limit History

no limit history data found

Industry comparison

Activity code	47990
Activity description	Other retail sale not in stores, stalls or markets

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	76.63
Day sales outstanding	81.35

Industry comparison

Activity code	47990
Activity description	Other retail sale not in stores, stalls or markets
Industry average payment expectation days	93.88
Industry average day sales outstanding	111.80

Industry quartile analysis

Payment expectations
Company result	76.63
Lower	90.06
Median	33.43
Upper	8.94
Day sales outstanding
Company result	81.35
Lower	73
Median	33.26
Upper	13.09

Summary

Group - Number of Companies	15
Linkages - Number of Companies	3
Number of Countries	4

Group Structure

Company name	Number	Latest financials
- INVE EUROPE NV	436710430	31-12-2010
- - INVE AQUACULTURE NV	424468634	31-12-2010
- - NUTRI-AD INTERNATIONAL NV	454140538	31-12-2010
- - NUTRITEC IN VEREFFENING NV	444970672	31-12-2011
- - - NUTRIS TECHN.E SIS. DE NUTR. CARI.
- - OCEAN NUTRITION EUROPE BVBA	441622984	31-12-2011
- - PREMIX INVE EXPORT NV	436711420	31-12-2011
- - BFI INNOVATIONS LTD SOC.ETR. E.P.B.
- - INVE ESPANIA INVESTMENT SOC.ETR. E.P.B.
- - INVE EURASIA SOC.ETR. E.P.B.
- - INVE HELLAS SOC.ETR. E.P.B.
- - INVE POLAND SP SOC.ETR. E.P.B.
- - KURIOS SOC.ETR. E.P.B.
- - NUTRIAD ITALIA SRL
- - UAB INVE NUTRI-AD BALTIJA SOC.ETR. E.P.B...

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
NUTRIAD LTD	00765118	31.12.2011	£12.449.000
INVE B.V.	16018604	31.12.2010	€98.466.449
INVE TECHNOLOGIES NV	459884423	31.12.2010	€7.024.786

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	454140538
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	MARTEN NIEMANTSVERDRIET
Position	Director
Date of birth	21/12/1949
Street	90 HOGE DAM DONGEN
Post code	5104 JK
Country	The Netherlands
Name	ERIK ROBERT VISSER
Position	Managing Director
Date of birth	24/06/1969
Street	61 ORANJELAAN
Post code	2281 GB
Country	The Netherlands

Name	ERIK ROBERT VISSER
Position	Director
Date of birth	24/06/1969
Street	61 ORANJELAAN
Post code	2281 GB
Country	The Netherlands

Former director details

Name	MARC JOHAN OCTAVE INDIGNE
Position	Managing Director
Date of birth	28/12/1961
Street	112 SPILTSTRAAT ZEMST
Post code	1980
Country	Belgium
Name	MARC JOHAN OCTAVE INDIGNE
Position	Director
Date of birth	28/12/1961
Street	112 SPILTSTRAAT ZEMST
Post code	1980
Country	Belgium

Name	JOHAN DE SCHEPPER
Position	Director
Date of birth	06/11/1960
Street	30 EIKEM ROTSELAAR
Post code	3111
Country	Belgium
Name	JOHAN DE SCHEPPER
Position	Managing Director
Date of birth	06/11/1960
Street	30 EIKEM ROTSELAAR
Post code	3111
Country	Belgium

Name	KAREL DANIEL WAAGENAAR
Position	Director
Date of birth	06/08/1939
Street	93 HOOGVELD DENDERMONDE
Post code	9200
Country	Belgium
Name	BERNARDUS WILHELMUS FRANCISCUS HUSKEN
Position	Director
Date of birth	06/04/1948
Street	93 HOOGVELD DENDERMONDE
Post code	9200
Country	Belgium

Name	FRANÇOIS GEBOES
Position	Director
Date of birth	01/11/1951
Street	11 LARIKSLAAN KASTERLEE
Post code	2460
Country	Belgium
Name	JAMAL AL-SAIFI
Position	Director
Date of birth	19/08/1962
Street	SPETSON & AIOULO
Post code	16673
Country	Greece

Name	HILDE LUCY LOUISE INDIGNE
Position	Managing Director
Street
Post code
Country	The Netherlands
Name	HILDE LUCY LOUISE INDIGNE
Position	Director
Street
Post code
Country	The Netherlands

Name	HILDE LUCY LOUISE INDIGNE
Position	Chairman of the Board
Street
Post code
Country	The Netherlands
Name	AL SAIFI JAMAL
Position	Director
Street
Post code
Country

Name	JANPIET HUIS,
Position	Managing Director
Street
Post code
Country
Name	JAN PIET HUIJG
Position	Managing Director
Date of birth	28/05/1936
Street
Post code
Country

Name	JAN PIET HUIJG
Position	Director
Date of birth	28/05/1936

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.59
UK Pound	1	Rs.85.81
Euro	1	Rs.69.91

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.